Among his four piano concertos, this one is less well-known. It was composed by Rachmaninoff between 1890 and 1891, during his time at the Moscow Conservatory. It is dedicated to his piano teacher at the Conservatory, Alexander Siloti. In 1917, Rachmaninoff undertook a revision of this work, resulting in the version performed today. This revision was extremely thorough, and the resulting work appears to differ significantly from the original. This revision was the last work Rachmaninoff completed before leaving Russia and settling in America.

First Movement: Vivace, F-sharp minor, 4/4 time

The opening section, following a fanfare, is reminiscent of Grieg's concerto. The first theme, transferred from the violin to the piano, is melancholic and beautiful. The second theme, played by the violin, builds in intensity while being ornamented by the piano. The development section forms a climax, displaying free variations. In the latter half, a 53-bar piano solo is a highlight, after which the coda begins.

Second Movement: Andante, D major, 4/4 time

A cohesive melody, initially played solo by the piano, forms the core of this movement. Overall, it is a calm and dreamlike movement. A single motif is used throughout the entire movement.

Third Movement: Allegro Vivace, F-sharp minor

At the beginning, 9/8 and 12/8 time signatures alternate, creating a distinctive and impressive rhythm. A lively theme in 4/4 time appears on the piano, then develops in interplay with the orchestra. The theme found in the middle section is, typically for Rachmaninoff, sentimental and beautiful. After the recapitulation, a brilliant coda is formed, concluding the piece powerfully.